It shouldn't be compared to Big Bang Theory. That show is a typical paint-by-numbers sitcom, the kind that CBS has been cashing big checks on for the past decade. They aren't particularly funny. I think Chuck Klosterman wrote something that these shows are "in the form of funny", which means that they follow a common comedic timing and use the laugh track as a cue. Once you start looking for it, you always see it.
The three camera and laugh track are usually indicators that the show probably isn't "smart funny", but it's not always true. I can watch Seinfeld reruns and pick out the camera cuts, laugh tracks and joke timings, but the show is still pretty clever.
But most people capable of making shows of Seinfeld-quality aren't going to go do a CBS sitcom. Seinfeld's set up was mostly a relic of its era. Today, you can get a single-camera comedy greenlit thanks to the cable channels. Even networks took some chances. I don't watch too many network shows anymore, but I know Scrubs and Arrested Development were single camera shows without laugh tracks and they were on NBC/ABC and Fox, respectively.
As for Silicon Valley, I was expecting more from it. It's a Mike Judge show and the reviews were very positive. I've only seen the first two episodes, but they were at least good enough to make me want to watch more. It sometimes takes these shows a while to build the characters and build enough background for more jokes to connect, but at this point, I'm more worried about the story lines being thin than the comedy. That's what ultimately lost my interest in Entourage. That show started out as being a fun 30 minutes, but it was very superficial and once you realized that the plots were ridiculous and the characters didn't make that much sense, it became tedious to watch. Since both Entourage and Silicon Valley are both based on specific, unique cultures, I think they're fairly comparable.